(€m) | Q1 2013 | Q1 2012 | Change |
Consolidated sales | 193.0 | 191.4 | + 0.8 % |
Brokerage commissions and fees | 123.5 | 124.3 | - 0.6 % |
Insurance premiums | 69.5 | 67.1 | + 3.5 % |
Pro-forma consolidated sales | 193.0 | 191.6 | + 0.7 % |
Brokerage commissions and fees | 123.5 | 124.5 | - 0.8 % |
Insurance premiums | 69.5 | 67.1² | + 3.5 % |
By division, Health & Personal Protection was stable overall in the first quarter, as there was a 2.6% increase in commissions and fees, fuelled notably by group and expatriate insurance, but a decrease in premiums linked to the outsourcing of lender risk.
Property and Casualty recorded an increase of 2.5% in sales, the 5.4% decrease in commissions and fees being more than offset by a 19.3% increase in premiums. The divisions' brokerage activity was penalised by weaker performances by the distribution network (which is undergoing a streamlining) and by a negative currency effect amounting to around €1 million on the travel assistance activity in South America. At constant exchange rates, Property and Casualty would have recorded a 4% increase in first quarter revenue.
Note that Mobility-Assistance, identified as a strategic activity in the group's international development, recorded growth of 7% on a reported basis and 11.7% at constant exchange rates in the first quarter.
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